Nifty and Bank Nifty Technical Analysis for 03 Oct’13

Now, there is discrete opinion and talks are spreading in the market, that it is Buy on Dips market or Sell on Rise? Generally, it is common phenomena, that one camp is always believe that it is Buy on Dips and another strongly believe that this market is not going anywhere, it is always Sell on Rise, we call them Bull Camp and Bear Camp respectively.

At this juncture market looks like in a neutral mode and both the camp are coming ahead to prove their point, now it is upto trader, with whom they are convinced most and likely to join the party. If, we see current Global developments than there is nothing much Bull Camp can talk about, only we have emerging market story which is persistently talked about from last more than 15 years. And, at the other hand we have more favorable Bearish News floating around in the market. This is all about, what we generally never talk about.

We come to our point, since from last couple of sessions, markets are giving shocks in either way. It seems, that market reached to a point of climax where we need to take call on the market, based on our research, till year end market is likely to stay muted, but at this juncture Nifty has strong support near 5700 levels. At Way2Profits, we sense that it is Buy on Dips market, as long as Nifty holds above 5700 (if you are risk averse trader) and 5500 is level, if you wish to take risk of 200 points. Below 5500 we surrender and join party at other hand, but above this level, we should be Buying on Dips.

Just don’t blindly follow above view. Even if it is Buy on Dips, proper risk management can help to mitigate risk associated with trading.

Bank Nifty is surprise package and can drive you crazy. If 9587 remains intact then we see fare chance of Bank Nifty testing 10400 levels.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

We are covering Major Equity, Forex& Commodity Markets,
Way2Profits filters information and streams meaningful conclusions right to your inbox.
Technical Research is our realm and we fathom the depths.